As a coach, consultant or service provider you’re used to trading hours for money. Unfortunately, hours are finite. Due to the fact that time cannot be generated and is not in never-ending supply, it’s important for you to find ways to generate passive income. Creating passive income programs will help you create the life you always dreamed was possible.
Imagine waking up each day, and most days not having to watch the clock. Imagine being able to work from any country in the world, in any time zone, from any place with just an Internet connection. Imagine getting to travel and meet awesome kick ass people with whom you can relate to. Imagine finally earning that six figures or multiple six figures that you always dreamed of without working more hours and running yourself into burn out.
Time is Money
First, you must finally realise that your time is a premium. This is especially true if you’ve spent a number of years building up your knowledge and you are a true expert in your niche. If right now most of your income is derived from one-on-one work for your clients, be it a service, consulting or coaching, it’s time to start thinking outside the box and turning your knowledge into passive income programs.
Flip Everything To Earn Freedom
Once you get that going, you can flip everything around so that you earn most of your money passively, having the appearance of generating more time due to freeing up the time you now spend performing services. Everything starts with your product funnel. Take a look at your product funnel and decide what types of products and services you can add that are passive in nature to the widest side, and at the most narrow point put “one-on-one” time.
Make One-on-one Time Exclusive
One-on-one time can mean, telephone, email, task based services, anything that you must do on an hourly basis directly for just one client at a time should be at or near the smallest part of the funnel. The easier it is to accomplish the higher up toward the wider part the service or product can go.
Your product funnel might look like this:
This is just a very basic outline, make your product funnel as elaborate as possible to ensure that you’ve filled all the potential gaps in possible passive income programs such as ecourses, Udemy Courses, Podcasts, ebooks, Kindle Books, Affiliate Income, Advertising and more.
No matter what sort of niche you are part of, you can add all of these ideas to your product funnel. By doing so, you create more entry points into your funnel. The more places a lead can enter your funnel the more clients you’ll have waiting for you to have free time to spend one-on-one time with them. The more people you have waiting, the higher your fees can climb. The higher your fees climb, the more freedom you’ll have from time constraints.
Hopefully that has helped in giving you some inspiration to look into what passive incomes you can create.